The documents shared with some media outlets by the US -based International Consortium of Investigative Journalists has exposed tactics the wealthy and powerful have used to avoid taxes.

It alleges that Apple lawyers sent a questionnaire to the offshore finance firm Appleby, seeking to discover what tax havens like the British Virgin Islands, Bermuda, the Cayman Islands, Mauritius, the Isle of Man, Jersey and Guernsey could do for Apple.

Specifically, the "papers" contain emails from Apple's law firm Baker McKenzie to another firm called Appleby, a 119-year-old company that specializes in setting up and administering offshore tax haven companies.

The statement did not respond to speculation in this and other media outlets involved with the Paradise Papers project, that Apple has used Ireland's capital allowances regime to avoid having to pay tax on massive profits being booked through Ireland.

The findings, part of a leak of documents dubbed the "Paradise Papers", say the company chose the tiny island of Jersey in the English Channel to store its over $250 billion in cash.

Apple said the new structure had not lowered its taxes. For instance, the company said its 2015 corporate reorganization was "specially created to preserve its tax payments to the United States, not to reduce its taxes anywhere else".

Apple paid nearly no tax on earnings of more than $100bn over four years, US Senator Carl Levin and former presidential candidate John McCain claimed, although Apple mounted a strong defence.

Shots Fired Near TCU Campus, Lockdown IssuedPolice said the two men worked for the Roadrunner shuttle service, which is used by the university. Police said they were still "actively" searching for the suspect and the shuttle as of 7:40 a.m.

Instead of paying Irish corporation tax of 12.5%, or the U.S. rate of 35%, Apple's avoidance structure helped it reduce its tax rate on profits outside of the United States to the extent that its foreign tax payments rarely amounted to more than 5% of its foreign profits, and in some years dipped below 2%.

In August a year ago, the European Commission concluded that Ireland gave Apple "illegal tax benefits" and levied the firm with an £11.6 billion in back taxes.

It is clear, though, that a large amount of intangible property landed abruptly in Ireland around the period when Apple reorganised its subsidiaries.

The Paradise Papers disclosures come as President Trump's administration seeks to overhaul the US federal tax code.

"That remains to be seen if we will open more cases after the Paradise Papers".

According to the report Apple moved "most" of its $252bn cash hoard to Jersey, which has a corporate tax rate of 0% for foreign companies.

Apple came under pressure in 2013 in the US Senate, when CEO Tim Cook was forced to defend its tax system. You shifted it to three companies that do not pay taxes in Ireland. The Apple back taxes are yet to be reclaimed by the Irish government but the Google bill has been settled, Vestager said.

Now, the new corporate structure of Apple is located near the Normandy coastline.

Trending Now

AJ Green and Jalen Ramsey ejected following fight
Green and Jalen Ramsey ended early Sunday when Cincinnati star receiver and Jacksonville's No. 1 corner were ejected for fighting. He needed one touchdown to become the first player in National Football League history to score in his first seven games.

Michigan State-Penn State game delayed by lightning
The tie didn't last long as Penn State scored on the following possession and benefited from poor tackling by Michigan State . McSorley hit DaeSean Hamilton on a crossing route for a 31-yard touchdown and 7-0 lead with 5:40 left in the first quarter.

1 dead, 2 hurt in shooting at Chicago Starbucks
A 12-year-old boy was taken to hospital with a gunshot wound following a shooting took place at 8.10pm (1.10am GMT) local time. Buslik said police believe the wounded boy and man knew the dead man but did not elaborate on their relationship.

Big plays cost Giants in loss to Rams
And yet, a screen pass from Jared Goff turned L.A. wideout Robert Woods into a hot knife, and the Giants' defense just melted. Running back Todd Gurley has run for at least 100 yards in each of his last two games and in four of his last five games.

Qualcomm shares spike on reports of planned Broadcom bid
Qualcomm may soon be extended a way out courtesy of Broadcom , which itself supplies Apple with Wi-Fi and Bluetooth combo chips. Qualcomm , based in San Diego, is also confronting headwinds in closing its $47 billion purchase of NXP Semiconductors.

Bowling Green man charged with assaulting Sen. Paul
Kentucky State Police Master Trooper Jeremy Hodges said he could not release details of the assault because of security issues. Hodges said Boucher would have faced more serious charges if had he used a weapon or if Paul had been injured seriously.

21st Century Fox in Talks to Sell Most of Company to Disney
That's right, comic book movie fans - Disney might be on the verge of bringing the X-Men and Fantastic Four back to Marvel. So it would definitely be interesting to see how a more-focused-on sports Fox would do, and how investors would react.

Yemen's Houthi fire missile at Saudi Arabia's Riyadh
The Saudi-led alliance said the strikes unleashed on Wednesday had hit a "legitimate military target" of rebels in the area. Houthi rebels have fired dozens of missiles towards Saudi Arabia, but this is the first time Riyadh has been targeted.